Drought conditions haven\’t just hit in the U.S. — Russia\’s normally fertile Black Sea region is a victim as well, according to the IGC\’s monthly report.

The group reduced its wheat production outlook by three million tons to 662 million tons, which is also 34 million tons below last season\’s record. The IGC also said it expects world corn production to fall by 4% for the 2012/2013 season.

\”Drought has further stressed crops across the northern hemisphere,\” the report said.

Despite Exxon Mobil Corp.’s title as a marquee oil corporation, the Irving, Texas-based Blue Chip’s name continues to come up on occasion in the next-generation biofuel arena. In a sign that Exxon XOM is willing to work on new fuels even as it spends tens of billions a year on oil extraction, the company’s methane-to-gasoline […]

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